Bitcoin Completes 9th Test Of $60,000, Where Does Price Go From Here?
04 Julio 2024 - 6:00PM
NEWSBTC
Bitcoin (BTC) has completed its ninth test of the $60,000 support
level, hinting at a potential shift in the cryptocurrency’s
trajectory. According to a crypto analyst, Bitcoin faces
significant moves ahead and determining the direction of this
momentum is crucial. BTC Retests $60,000 Support For
The 9th Time In an X (formerly Twitter) post published on July 3, a
crypto analyst identified as ‘Dana Crypto Trades’ declared that
Bitcoin has successfully completed its ninth test for the $60,000
support region. A support level is a price threshold where assets
tend to stop falling, signaling the potential for a bounce back in
the cryptocurrency. Related Reading: XRP Price Attempts Bullish
Decoupling Amid Major Developments The crypto analyst disclosed
that Bitcoin has maintained a support level of $60,000 for
approximately nine months, and during those months it has undergone
multiple price tests. While the cryptocurrency showed strength by
sustaining this crucial level, Dana Crypto Trades highlighted that
the support level eventually failed, resulting in substantial price
declines for Bitcoin. He noted that the distinctive difference
between previous price tests and the recent one was that many
crypto investors and enthusiasts believed that the $60,000 support
level would be Bitcoin’s bottom, anticipating that it would halt
further price declines. The crypto analyst revealed that presently
opinions seem to be divided about the direction Bitcoin will take
with this new retest, revealing that some individuals believe that
$60,000 would hold as the support level, while others remain
skeptical. Highlighting Bitcoin’s current lack of momentum, Dana
Crypto Trades explained that prices of cryptocurrencies often
consolidate around specific levels for an extended period, showing
minimal upward or downward movement. He disclosed that the overall
high timeframe trend was important in determining the future
direction of Bitcoin’s price. Additionally, He stressed the
importance of not dismissing any support or resistance level of
Bitcoin until its price has completely and undoubtedly broken
through on a higher timeframe. The analyst added that after a
period of consolidation, large price movements are often expected
in a cryptocurrency. This is because the market builds substantial
momentum during the consolidation phase, resulting in a significant
breakout or breakdown. Analyst Predicts Major Price Swings
For Bitcoin In one of his most recent X posts, Dana Crypto Trades
shared a BTC price chart, noting that Bitcoin volatility indicators
have become less erratic lately. He disclosed that typically when
volatility drops to such low levels, it often signals a significant
price movement. As a result, the analyst has suggested that Bitcoin
could be getting ready for a major price swing. He also emphasized
that while the indicators signal an upcoming big move for Bitcoin,
they do not specify the direction of the movement, highlighting the
uncertainty of whether BTC will rise or fall. Related
Reading: 200 Million XRP Tokens On The Move, Where Are They Headed?
At the time of writing, Bitcoin’s price dipped below the $60,000
support level, settling at $57,359. The cryptocurrency has
experienced a notable decline of over 5.14% within the last 24
hours. Featured image created with Dall.E, chart from
Tradingview.com
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